Stocks Finish with weekly Losses
U.S. stocks on Friday finished with weekly losses after earnings reports did little to offset worry about the global economy. The Dow Jones Industrial Average rose 3.53 points to 13,107.21, leaving it with a weekly loss of 1.8%. The S&P 500 index fell 1.03 point to 1,411.94, down 1.5% from the week-ago close. The Nasdaq Composite advanced 1.83 points to 2,987.95, down 0.6% for the week.
Citigroup fired top Internet analyst Mark Mahaney and paid a $2 million fine to a Massachusetts regulator to settle charges that the bank improperly disclosed research on Facebook’s IPO and information on other tech companies.
Swiss banking giant UBS is getting ready to roll out a plan to cut as many as 10,000 jobs, the Financial Times reports. The job losses will represent about a sixth of the total UBS workforce, the newspaper noted, and come on top of another ongoing program to slash 3,500 jobs.